Washington Mortgage Broker Bond

While the Washington Mortgage Broker Bond is required by the Washington State Director of Financial Institutions, the application for license is managed  by the Nationwide Mortgage Licensing System (NMLS). A company needs this license if it will offer mortgage brokering or loan origination services to Washington State citizens or for property in Washington State. To obtain this license, one must provide a Washington Mortgage Broker Bond. This is a type of surety bond and is filed electronically directly with the NMLS.

According to Washington State Legislature WAC 208-660-006, a mortgage broker is defined as:

Any person who for compensation or gain assists a person in obtaining or applying to obtain a residential mortgage loan or holds himself or herself out as being able to assist a person in obtaining… a residential mortgage loan.

The surety bond protects the state and any persons who suffer loss by the broker’s violation of any provision pertinent to the business of mortgage brokering. The bond offers financial compensation for valid claims of wrongdoing by the mortgage broker. Should the surety suffer a loss under the bond, it will seek restitution from the bond principal (licensee), it is not insurance for the benefit of the mortgage broker.

License Fees and Requirements:

• Washington Mortgage Broker Bond in the amount of $20,000
• Licensing fee of $1,001
• Criminal Background Check (MU2)
• Credit Check
• Experience
• Testing
• Education
• Disclosure questions
• Qualifying Individual

All fees are required by the obligee, not the Surety Company. For a complete list of license requirements Visit the  NMLS license check list.

How to obtain a Washington Mortgage Broker Bond

At surety1.com we make it a simple, 3 step process to obtain the required surety bond:

1. Complete our easy to navigate and secure online application.¹
2. Review your free, no obligation quote from one of our surety bond professional agents, usually within one business day.
3. Sign some paperwork and pay the bond premium. 

Once these steps have been completed, the Washington Mortgage Broker Bond will be filed electronically, by Surety1.com directly with the NMLS.

^{1 – The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.} 

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.

Click to Visit our State-by-State Guide to Mortgage industry Surety Bonds